February 2023 BTO exercise sees 4,428 flats launched for sale

HDB has launched 4,428 condos for sale under the February 2023 Build-To-Order (BTO) exercise. The condos are dispersed across five sites over four towns– Queenstown, Kallang and Whampoa, Jurong West and Tengah. This is the first BTO exercise since the Budget statement, where steps targeted at assisting newbie homebuyers were introduced, consisting of higher CPF real estate awards for those wanting to acquire a secondhand flat.

The remaining location remains in the Brickland district of Tengah estate, bounded by Brickland Road and Tengah Boulevard. With 1,641 units across 12 non commercial blocks, it is the biggest area under the February 2023 BTO exercise and even the just one with five-room apartments. Some other unit kinds are two-room flexi, three- and four-room apartments. Costs begin with $97,000 for a two-room flexi flat, from $190,000 for a three-room flat, $291,000 for a four-room flat and $401,000 for a five-room flat.

In Jurong West, HDB is releasing two home blocks of 18 floors, which are going to house 271 units of three- and also four-room apartments. The site lies along Jurong West Street 93. Costs start from $187,000 for a three-room flat and also from $288,000 for a four-room one.

The second PLH project is in Kallang as well as Whampoa, on an area bounded by Race Course Road, Hampshire Roadway as well as Farrer Park Road. The project– Farrer Park Fields– are going to have seven 24-storey blocks real estate 1,274 units of two-room flexi, three-room as well as four– area flats. Suggestive rates begin with $185,000 for a two-room flexi flat, $356,000 for a three-room flat, and $484,000 for a four-room flat.

Sun includes that some first-time customers may stand by till the August BTO exercise, which is most likely when the state will certainly permit new families to get an additional ballot for their BTO applications.

Concerning the non-PLH properties, OrangeTee & Tie’s Sun anticipates the Jalan Rajah spot– though not close to an MRT station– to still attract solid need provided its location near Toa Payoh Central, which has enough amenities.

Consultants anticipate Farrer Park Fields to observe strong interest provided its proximity to city and also 2 MRT stations– Farrer Park along with Little India, the last of which is an interchange for the Downtown and North-East Lines. “We can prepare for strong competition for Farrer Park Fields, particularly considering that BTO projects in the Kallang as well as Whampoa vicinity tend to be increasingly debated when near an MRT station,” claims Mohan Sandrasegeran, One Global Group’s superior analyst for research and content design.

Under the February 2023 BTO exercise, 2 of the 5 locations have actually been marked Prime Location Public Housing (PLH) projects. The very first – Ulu Pandan Glades – lies along Ghim Moh Link and Commonwealth Avenue West in Queenstown, next to the Dover MRT Station. It will have 732 units consisting of 3- also four-room condos. Indicative rates start from $372,000 for a three-room flat $541,000 for a four-room condo, excluding subsidies.

Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, strongly believes this may divert some BTO demand to the resale market. “Considering that additional subsidies are offered, we might expect more eligible purchasers to buy at preferred locations such as developed estates, or they may get a little larger apartments,” she claims.

Lentor Modern floor plan

Lee Sze Teck, Huttons Asia’s senior research director, includes that surrounding amenities, consisting of Farrer Park Primary School, the forthcoming shopping mall Piccadilly Galleria, Tekka Market and also City Square Shopping mall, further boost the charm of the project. Lee includes that the many other PLH project in Queenstown, Ulu Pandan Glades, is close to another PLH plan, Dover Forest, launched last November. “The costs for apartments in Ulu Pandan Glades are similar to the earlier release.”

The area in Tengah may garner interest following the statement of ACS Primary’s transfer to Tengah in 2030. “This may cause even more candidates trying this batch of apartments, although we do not anticipate a large spike in numbers,” claims Sun.

Among the lasting three BTO sites, an additional is in Kallang, Whampoa, around Jalan Rajah. It has 510 3- and four-room flats in two 40-storey blocks. Rates start from $326,000 for a three-room flat and from $459,000 for a four-room flat.

On the other hand, the Jurong West site is expected to take advantage of its site near Pioneer MRT Station. Nevertheless, with just 271 apartments, obtaining a flat with the balloting process may be difficult, says One Global Group’s Sandrasegeran.

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